Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,436.50 last close on 30 Oct 2026 +0.06%
Research updated
Lemon Tree Hotels Ltd.
NSE: LEMONTREEConsumer CyclicalLodging
- Last close
- ₹109.27
- Day change
- −₹2.07 (−1.86%)vs
- Market cap
- ₹8,981 crIndian rupees
- Research updated
- 1 report
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About Lemon Tree Hotels
Lemon Tree Hotels Ltd. is a prominent player in the hospitality sector, primarily focusing on mid-scale to upscale hotel accommodations. Headquartered in India, it is one of the largest hotel chains in the country and operates a diverse portfolio of hotels, resorts, and extended stay services across various locations. The company's primary function is to provide comfortable and affordable lodging options, catering to both business and leisure travelers. Notable for its contemporary, vibrant, and minimalistic aesthetic, Lemon Tree Hotels provide an array of services and amenities such as in-house restaurants, conference facilities, fitness centers, and spas. With a keen emphasis on social inclusivity, the company actively employs a significant number of differently-abled individuals, showcasing its commitment to diversity. Operating more than 8,000 rooms in over 50 hotels across 30+ destinations, Lemon Tree Hotels Ltd. plays a significant role in India's tourism and hospitality industry. Its strategic locations in major urban centers and tourist spots make it an integral part of the travel infrastructure, contributing to regional economic growth and job creation.
- Sector
- Consumer Cyclical
- Industry
- Lodging
- Listing
- NSE: LEMONTREE
- Next results
- Chief executive
- Mr. Saurabh Shatdal
- Employees
- 6,104
- Headquarters
- New Delhi, India
- ISIN
- INE970X01018
- Website
- lemontreehotels.com
Public research · Report of
Business model & financial foundation
Lemon Tree Hotels (NSE: LEMONTREE), Hotels and hospitality: revenue of ₹1,445 crore in FY26 (+12.3% on FY25), an EBITDA margin of 47.8%, net profit of ₹227.1 crore and net debt of ₹1,336 crore.
- Revenue, FY26 (₹ crore)
- 1,445
- consolidated
- Revenue growth, FY26
- +12.3%
- on FY25
- EBITDA margin, FY26
- 47.8%
- EBITDA (Operating EBITDA before other income) / revenue
- Net profit, FY26 (₹ crore)
- 227.1
- to owners
- Return on equity, FY26
- 11.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,336
- Net debt excluding leases, using broad liquidity
- Market capitalisation (₹ crore)
- 8,177
- at the close of 18 Oct 2026
Company profile
Lemon Tree owns, leases, manages and franchises hotels across Aurika, Lemon Tree and Keys brands. Hotel room rates and occupancy drive owned/leased income; external management and franchise fees expand with partner-owned rooms.
| Item | Value |
|---|---|
| Legal name | Lemon Tree Hotels Limited |
| Exchange and ticker | NSE: LEMONTREE; BSE: 541233 |
| ISIN | INE970X01018 |
| Sector | Consumer Cyclical |
| Industry | Hotels and hospitality |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP |
| Market capitalisation | ₹8,177 crore (18 Oct 2026) |
| Shares outstanding | 79.18 crore shares (FY26) |
| Price | ₹113.4 (close, 18 Oct 2026) |
| 52-week range | ₹99.61 - ₹170.7 (to 18 Oct 2026) |
| Website | https://investors.lemontreehotels.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Fleur Hotels Limited | 58.91% | Owned hotel portfolio; Warburg holds 41.09% following APG secondary sale, proposed scheme pending. |
| Carnation Hotels Private Limited | 100% | Hotel management and development platform; proposed merger into LTH. |
Material listed-economic scope is LTH plus consolidated hotel subsidiaries. Full subsidiary holding catalogue not retrieved. Proposed post-scheme LTH Fleur holding 41.03%, direct shareholder interest 32.96% before primary dilution.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 22.28% | 22.32% | 22.32% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 21.50% | 21.59% | 19.45% | |
| Domestic institutions | 19.45% | 15.67% | 14.35% | |
| of which mutual funds | 18.50% | 14.91% | 13.55% | |
| Retail | 36.71% | 40.36% | 43.84% | |
| Other | 0.05% | 0.05% | 0.05% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Lemon Tree Hotels owns or leases 5,759 rooms (unchanged since FY24) and manages or franchises 6,187 more for third parties as of 30 Jun 2026, with a pipeline of 11,435 rooms. Consolidated revenue (FY26 INR 1,444.5cr) is overwhelmingly owned-hotel room, F&B and other income; external management fees were INR 73.9cr in FY26 and 22.8cr in Q1 FY27. Total fees (45.4cr in Q1) include fees from Fleur hotels that eliminate on consolidation. Fleur Hotels (58.91% held) owns most hotels; Warburg Pincus bought APG's 41.09% on 22 May 2026, and a composite scheme (board 9 Jan 2026; exchanges cleared 22 Sep 2026) will transfer 17 hotels to Fleur and list it, shareholders receiving 20 Fleur shares per 311 LTH shares. Listing is now targeted for H2 CY2027.
| Peer | Why the dossier compares them |
|---|---|
| Indian Hotels Company (INDHOTEL) | Branded hotel owner/operator and management-fee platform; premium positioning. |
| Chalet Hotels (CHALET) | Urban asset-heavy hotel owner with room ramp exposure. |
| EIH (EIHOTEL) | Hotel owner/operator; upscale benchmark. |
| Juniper Hotels (JUNIPER) | Hotel asset owner, debt and ramp sensitivity. |
| SAMHI Hotels (SAMHI) | Urban hotel ownership and leveraged operating model. |
| Ventive Hospitality (VENTIVE) | Asset-heavy hospitality with hotel ramp and leisure exposure. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 384.7 | 839.2 | 1,071 | 1,286 | 1,445 |
| Cost of revenue (vendor classification) * | 133.7 | 206.6 | 256.7 | 304.4 | 333.2 |
| Other operating costs (vendor classification) * | 141.2 | 205.3 | 269.2 | 326.2 | 393.5 |
| EBITDA (vendor classification) * | 135.3 | 451.9 | 530.8 | 641.8 | 701.1 |
| EBIT * | 34.0 | 355.6 | 418.3 | 500.3 | 531.1 |
| Total finance costs including lease interest | 178.6 | 177.3 | 208.5 | 211.2 | 179.5 |
| Profit before tax after exceptional items | -144.6 | 178.2 | 215.8 | 296.2 | 359.1 |
| Total income tax expense (current plus deferred) | -7.23 | 37.7 | 34.1 | 53.1 | 70.8 |
| Profit after tax including non-controlling interests | -137.4 | 140.5 | 181.7 | 243.1 | 288.3 |
| Diluted EPS (INR per share) | -1.11 | 1.45 | 1.88 | 2.48 | 2.87 |
| Food and beverages consumed | 62.8 | 76.2 | 84.8 | ||
| Employee benefit expenses including SAR | 187.8 | 218.5 | 239.3 | ||
| Power and fuel | 78.0 | 87.8 | 85.1 | ||
| Other operating expenses excluding power and fuel | 219.3 | 269.5 | 344.2 | ||
| Operating EBITDA before other income | 523.2 | 634.1 | 691.2 | ||
| Company Net EBITDA including other income | 528.9 | 636.5 | 699.3 | ||
| Other income excluding separately reported finance income | 5.64 | 2.33 | 8.16 | ||
| Finance income (positive economic income) | 6.85 | 10.6 | 12.3 | ||
| Depreciation and amortisation including leases | 112.1 | 139.3 | 138.8 | ||
| Share of associate profit or loss (signed) | 0.70 | -0.27 | -0.95 | ||
| Exceptional gain or charge (charge negative) | 0.00 | 0.00 | -33.3 | ||
| Profit attributable to non-controlling interests | 33.2 | 46.6 | 61.2 | ||
| Profit attributable to owners of the parent | 148.5 | 196.6 | 227.1 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 1,399 | 1,413 | 1,546 | 1,790 | 2,079 |
| Total borrowings excluding leases | 2,128 | 2,177 | 1,889 | 1,699 | 1,500 |
| Liquidity: cash, other bank balances and current investments | 54.3 | 23.7 | 61.8 | 119.2 | 164.1 |
| Trade receivables | 29.1 | 56.0 | 71.5 | 78.6 | 116.3 |
| Inventories | 8.12 | 10.5 | 13.8 | 13.8 | 13.8 |
| Total trade payables | 58.5 | 66.8 | 64.6 | 61.6 | 67.1 |
| PPE, ROU, investment property and intangible assets | 128.2 | 129.5 | 3,546 | 3,461 | 3,468 |
| Capital work in progress excluding intangible development | 297.4 | 479.9 | 24.8 | 45.4 | 108.1 |
| Total assets | 3,635 | 3,732 | 4,033 | 4,082 | 4,285 |
| Equity attributable to owners | 966.9 | 1,164 | 1,392 | ||
| Non-controlling interests | 579.5 | 626.1 | 687.2 | ||
| Current and non-current lease liabilities | 446.7 | 449.0 | 503.4 | ||
| Net debt excluding leases, using broad liquidity | 1,827 | 1,579 | 1,336 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 24.8 | 310.3 | 465.0 | 541.6 | 541.6 |
| Free cash flow (vendor definition) * | 67.8 | 222.8 | 133.8 | 445.8 | 403.3 |
| PPE/intangibles purchases including CWIP (negative outflow) | -66.8 | -161.8 | -331.2 | -95.8 | -138.3 |
| Dividends paid | n.r. | 0.00 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued fully paid equity shares | 79.06 | 79.12 | 79.17 | 79.18 | 79.18 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 284.4 | 355.2 | 378.5 | 315.8 | 306.3 | 406.1 | 416.4 | 344.6 |
| Cost of revenue (vendor classification) * | 71.5 | 76.1 | 89.7 | 77.8 | 78.6 | 82.4 | 85.3 | 85.2 |
| Other operating costs (vendor classification) * | 82.2 | 94.9 | 24.1 | 97.5 | 97.0 | 118.9 | 115.9 | 109.7 |
| EBITDA (vendor classification) * | 133.8 | 187.2 | 200.6 | 145.1 | 135.2 | 209.4 | 221.1 | 155.7 |
| EBIT * | 99.0 | 152.1 | 165.7 | 110.9 | 100.9 | 143.3 | 183.7 | 119.6 |
| Total finance costs including lease interest | 53.8 | 52.6 | 50.6 | 48.0 | 45.1 | 44.4 | 42.1 | 40.5 |
| Profit before tax after exceptional items | 45.3 | 99.5 | 122.3 | 62.9 | 55.8 | 98.8 | 141.6 | 79.1 |
| Total income tax expense (current plus deferred) | 10.2 | 19.7 | 14.1 | 14.8 | 13.9 | 17.0 | 25.1 | 21.8 |
| Profit after tax including non-controlling interests | 35.0 | 79.8 | 108.1 | 48.1 | 41.9 | 81.8 | 116.5 | 57.3 |
| Diluted EPS (INR per share; not annualised) | 0.37 | 0.79 | 1.07 | 0.48 | 0.44 | 0.79 | 1.16 | 0.58 |
| Food and beverages consumed | 17.2 | 19.6 | 23.0 | 19.8 | 20.0 | 23.0 | 21.9 | 20.4 |
| Employee benefit expenses including SAR | 54.3 | 56.4 | 57.0 | 58.0 | 58.5 | 59.4 | 63.3 | 64.7 |
| Power and fuel | 22.8 | 21.5 | 20.2 | 21.9 | 22.6 | 20.5 | 20.2 | 23.9 |
| Other operating expenses excluding power and fuel | 59.4 | 73.4 | 74.2 | 75.6 | 74.4 | 98.5 | 95.7 | 85.8 |
| Operating EBITDA before other income | 130.7 | 184.2 | 204.1 | 140.5 | 130.7 | 204.7 | 215.2 | 149.7 |
| Company Net EBITDA including other income | 131.2 | 184.8 | 205.0 | 142.1 | 132.4 | 206.4 | 218.3 | 151.9 |
| Other income excluding separately reported finance income | 0.47 | 0.62 | 0.88 | 1.64 | 1.72 | 1.70 | 3.10 | 2.15 |
| Finance income (positive economic income) | 2.43 | 2.30 | 3.35 | 3.31 | 2.75 | 2.98 | 3.31 | 4.11 |
| Depreciation and amortisation including leases | 34.8 | 35.1 | 34.9 | 34.2 | 34.3 | 34.8 | 35.5 | 36.1 |
| Share of associate profit or loss (signed) | 0.15 | 0.09 | -0.63 | -0.40 | 0.01 | 0.02 | -0.57 | -0.29 |
| Exceptional gain or charge (charge negative) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -31.3 | -1.93 | 0.00 |
| Profit attributable to non-controlling interests | 5.40 | 17.4 | 23.5 | 9.77 | 7.33 | 19.2 | 25.0 | 11.3 |
| Profit attributable to owners of the parent | 29.6 | 62.5 | 84.6 | 38.3 | 34.6 | 62.7 | 91.5 | 46.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 57.6% | 118.2% | 27.6% | 20.1% | 12.3% |
| EBITDA margin | 48.8% | 49.3% | 47.8% | ||
| Net margin | 13.9% | 15.3% | 15.7% | ||
| Return on equity | 10.0% | 11.8% | 11.7% | ||
| Return on capital employed | 0.9% | 10.0% | 11.9% | 14.5% | 15.0% |
| Return on assets | 3.8% | 4.8% | 5.4% | ||
| Net debt (₹ crore) | 1,827 | 1,579 | 1,336 | ||
| Net debt / EBITDA | 3.49x | 2.49x | 1.93x | ||
| Interest cover | 0.19x | 2.01x | 2.01x | 2.37x | 2.96x |
| Asset turnover | 0.10x | 0.23x | 0.28x | 0.32x | 0.35x |
| Receivable days | 28 | 24 | 24 | 22 | 29 |
| Inventory days (on revenue) | 8 | 5 | 5 | 4 | 3 |
| Payable days (on revenue) | 56 | 29 | 22 | 17 | 17 |
| Cash conversion | 3.13x | 2.75x | 2.38x | ||
| Capex intensity | 17.4% | 19.3% | 30.9% | 7.4% | 9.6% |
| Free cash flow (₹ crore) | -42.0 | 148.5 | 133.8 | 445.8 | 403.3 |
| Dividend payout | 0.0% | 0.0% | |||
| EPS, diluted (₹) | -1.11 | 1.45 | 1.88 | 2.48 | 2.87 |
| Book value per share (₹) | 17.69 | 17.86 | 19.53 | 22.60 | 26.26 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA before other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding leases, using broad liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA before other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR per share)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 18 Oct 2026); market data at the close of 18 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Lemon Tree Hotels includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Lemon Tree Hotels
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